Karen Clark & Company
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Louisiana, Mississippi and Georgia are likely to bear the brunt of the insured losses. -
The estimate excludes NFIP losses, offshore assets, and the potential impact of Covid-19.
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Uncertainty remains over energy sector and Covid-19 impact on loss adjusting and rebuilding.
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The estimate for the third named storm of the season covers privately insured wind and storm surge damage.
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Modelling firms said there were too many variables to quantify the impact, but many factors could escalate claims.
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The facility had originally estimated that it would pay out $10.9mn.
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The (re)insurance industry should expect a Japanese loss of over $15bn at least once every 20 years, the risk modeller said.
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Most losses will come from the Bahamas which are likely to account for just over $3.6bn of losses, the modeller said.
